True, not bad, but maybe not the best.
As a bassist, I prefer to think in chord tones and arpeggios, then scale runs, things like that, ALWAYS being conscious of the note I'm playing and how it functions in the chord and the key. Shapes, to me, encourage a more "mindless" approach which I do use when soloing, but not for most bass playing.
The approach you describe is not that different than what I was saying. Both approaches are playing the same shapes - these shapes are arpeggios and scales. One can thing about each note by name, or one can think about each note by interval. The key is that you're thinking, and not just blindly playing the shapes. The arpeggio "shape" becomes a group of notes to choose from during a chord for example. Or the scale "shape" becomes a roadmap for a fill or run down the fret board. This ability to use movable shapes is a big advantage of the bass. Makes it easy to move around the fret board and transpose.